Manatus Development Secures $24M Loan From TD Bank For Mott Haven Development Site

A development site located at 362 East 148th Street in the Mott Haven neighborhood of the Bronx has been involved in a recent transaction. The property, with a square footage of 56,000, was acquired by a buyer. The transaction was facilitated by Max Ralby of HKS Real Estate Advisors, who represented the buyer. The lender for the transaction was TD Bank, providing a loan amount of $24,000,000 with terms of 2.75% over 30 day Libor and a loan-to-cost ratio (LTC) of 70%. The landlord of the property is Manatus Development, owned by Justin Stern.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $24,000,000
• Address: 362 East 148th Street, Mott Haven, Bronx
• Market: Mott Haven, Bronx
• Size: 56,000 square feet

The key individuals and companies involved in the deal include Max Ralby of HKS Real Estate Advisors, who represented the buyer in the transaction. The lender for the deal was TD Bank, and the property is owned by Manatus Development, led by Justin Stern.